The First Time Buyer

For years you have been scrimping and saving, preparing for that day when you could purchase your first house. Now, that day has arrived. However, now that it is here, it becomes evident that the process of home buying can be a little overwhelming for a first time buyer. So, what to do? first of all, don't panic and rush out and put a down payment on the first house you see. This is going to be a big purchase so you will want to plan your steps very carefully.

1. Get your credit sorted out. Having a good handle on your finances will only make this process easier. It's great that you have a down payment set aside, but have you secured financing yet? Having financing arranged before you start looking for a home is one of the best moves you can make. However, having financing arranged before you start looking means having the credit to get pre-approved for a mortgage.

2. Get pre-approved. Being pre-approved for a mortgage allows you to shop worry free and it lets you know ahead of time what you can afford. Having your mortgage pre-approved will also be an attractive asset to realtors and home owners as it shows them that you are a serious customer.

3. Be Choosy. This will likely be one of the more difficult steps. Buying a home is allot like looking for a rental property but with much more stress and emotion, and a much bigger payoff. If you are not sure what you should be looking for in a home, consult extensively with your realtor and friends that own homes. Start thinking about what you need in a home. What are your requirements in terms of rooms, location, amenities and other such aspects? Making a list is the easiest way to keep track of the necessities.

4. Get an Inspection. After finding the home that you can see yourself purchasing, have the home inspected. This is a huge step that must be observed. Most people include a subject on the purchase contract that the home must pass an inspection. Never skip this step! There could one of many things wrong with the home you have chosen that the owner may not even know about. Inspections will survey the plumbing & electrical systems in the home as well as the roof and the structure itself. Anything that is amiss can be utilized as a bargaining point in the sale of the home, or if severe enough; can simply be reason to walk away from that particular home.

5. Close. Assuming that everything has gone according to plan you should now merely be concerned with your possession date. The home passed inspection, your offer was accepted, and the deal closed. Congratulations! You have bought your first home!

Posted by Nena Herndon on December 13, 2008 at 12:00 AM

About Nena Herndon
Nena Herndon is affliated with Century 21 Goldcoat Realtors, which is located in Iowa Park, TX. For further assistance please use the contact information located on the right.

As of 05/25/12 the Nena Herndon RePage is ranked at 7,175 with 360 points.

Local Information for Iowa Park, TX

Latitude: 33.897047 -- Longitude: -98.514881

ZIP Codes for Wichita Falls, Texas	76301 76302 76305 76306 76307 76308 76309 76310 76311
Area Code for Wichita Falls, Texas	940
Time zone for Wichita Falls, Texas	CST

Enter our Photo Sweepstakes and Win $200 for your Wichita Falls photos!

To see random photos for other cities Click Here.

Submit your photos of Wichita Falls and become eligible to win $200. Click Here for details.

As of the census of 2000, there were 104,197 people, 37,970 households, and 24,984 families residing in the city. The population density was 569.1/km² (1,474.1/mi²). There were 41,916 housing units at an average density of 228.9/km² (593.0/mi²). The racial makeup of the city was 75.11% White, 12.40% African American, 0.86% Native American, 2.20% Asian, 0.10% Pacific Islander, 6.39% from other races, and 2.95% from two or more races. Hispanic or Latino of any race were 13.98% of the population. There were 37,970 households out of which 33.1% had children under the age of 18 living with them, 49.7% were married couples living together, 12.3% had a female householder with no husband present, and 34.2% were non-families. 28.7% of all households were made up of individuals and 10.7% had someone living alone who was 65 years of age or older. The average household size was 2.46 and the average family size was 3.04. -- Source: Wikipedia.com

Texas 2000 Census Population Profile Map

	Wichita Falls	Texas	United States
Population	104,197	20,851,820	281,421,906
Median age	31.9	32.3	35.3
Median age for Male	29.8	31.3	34
Median age for Female	34.6	33.4	36.5
Households	37,970	7,393,354	105,480,101
Household population	93,246	20,290,711	273,643,273
Average household size	2.46	2.74	2.59
Families	25,003	5,247,794	71,787,347
Average family size	3.04	3.28	3.14
Housing units	41,916	8,157,575	115,904,641
Occupied units	37,970	7,393,354	105,480,101
Vacant units	3,946	764,221	10,424,540

Visit US Census

The First Time Buyer

Local Information for Iowa Park, TX

Latitude: 33.897047 -- Longitude: -98.514881

Enter our Photo Sweepstakes and Win $200 for your Wichita Falls photos!

The Leader Spanish Real Estate

ATF Forex Trading

Lingerie & Perfumes

Wedding Singer

QROPS